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FDIC State Profiles
 

Massachusetts - Second Quarter 2008

ECONOMIC INDICATORS (Change from year ago, unless noted)
Employment Growth Rates Q2-08 Q1-08 Q2-07 2007 2006
Total Nonfarm (share of trailing four quarter employment in parentheses) 0.5% 0.8% 1.1% 1.0% 1.1%
  Manufacturing (9%) -1.3% -1.5% -1.4% -1.4% -1.9%
  Other (non-manufacturing) Goods-Producing (4%) -2.1% -0.6% -3.7% -2.8% 1.0%
  Private Service-Producing (74%) 0.8% 1.1% 1.8% 1.5% 1.5%
  Government (13%) 0.9% 1.1% 0.9% 0.9% 0.9%
Unemployment Rate (% of labor force) 4.7% 4.4% 4.5% 4.5% 4.8%
           
Other Indicators Q2-08 Q1-08 Q2-07 2007 2006
Single-Family Home Permits -39.2% -38.1% -21.2% -23.6% -19.4%
Multifamily Building Permits 74.8% -59.2% -50.2% -35.5% -2.7%
Home Price Index -2.9% -1.9% -1.6% -2.0% 1.5%
Nonbusiness Bankruptcy Filings per 1000 people (quarterly annualized level) 2.52 2.41 2.23 2.08 1.27
           
BANKING TRENDS
General Information Q2-08 Q1-08 Q2-07 2007 2006
Institutions (#) 180 180 189 181 194
Total Assets (in millions) 247,369 254,299 254,862 238,036 244,693
New Institutions (# < 3 years) 3 2 2 2 2
Subchapter S Institutions 4 4 2 4 2
           
Asset Quality Q2-08 Q1-08 Q2-07 2007 2006
Past-Due and Nonaccrual Loans / Total Loans (median %) 1.17 1.26 0.94 1.22 0.88
ALLL/Total Loans (median %) 0.86 0.86 0.88 0.85 0.88
ALLL/Noncurrent Loans (median multiple) 1.46 1.70 2.48 2.35 3.33
Net Loan Losses / Total Loans (median %) 0.01 0.01 0.01 0.02 0.01
           
Capital / Earnings Q2-08 Q1-08 Q2-07 2007 2006
Tier 1 Leverage (median %) 9.69 9.79 9.75 9.79 9.59
Return on Assets (median %) 0.42 0.43 0.42 0.40 0.51
Pretax Return on Assets (median %) 0.56 0.57 0.61 0.57 0.73
Net Interest Margin (median %) 3.03 2.98 3.01 3.01 3.20
Yield on Earning Assets (median %) 5.70 5.88 6.05 6.08 5.83
Cost of Funding Earning Assets (median %) 2.63 2.92 3.07 3.08 2.66
Provisions to Avg. Assets (median %) 0.06 0.04 0.02 0.04 0.04
Noninterest Income to Avg. Assets (median %) 0.43 0.44 0.45 0.46 0.39
Overhead to Avg. Assets (median %) 2.68 2.65 2.69 2.68 2.66
           
Liquidity / Sensitivity Q2-08 Q1-08 Q2-07 2007 2006
Loans to Assets (median %) 69.9 69.0 69.9 70.6 69.9
Noncore Funding to Assets (median %) 29.3 29.4 27.1 27.8 27.3
Long-term Assets to Assets (median %, call filers) 37.2 36.0 34.9 35.3 33.5
Brokered Deposits (number of institutions) 44 45 49 46 54
  Brokered Deposits to Assets (median % for those above) 1.6 2.0 2.4 1.9 2.9
           
Loan Concentrations (median % of Tier 1 Capital) Q2-08 Q1-08 Q2-07 2007 2006
Commercial and Industrial 26.1 26.6 25.1 24.3 22.3
Commercial Real Estate 181.6 175.2 169.1 177.3 165.8
  Construction & Development 38.8 40.6 34.5 38.6 37.5
  Multifamily Residential Real Estate 15.5 14.8 13.3 14.7 12.7
  Nonresidential Real Estate 114.4 106.1 99.7 105.2 98.0
Residential Real Estate 436.4 417.9 413.7 415.0 410.7
Consumer 5.6 5.5 6.4 5.9 6.3
Agriculture 0.0 0.0 0.0 0.0 0.0
           
BANKING PROFILE
Largest Deposit Markets (from 2007 Summary of Deposits) Institutions in Market Deposits ($ millions)       Asset Distribution Institutions
Boston-Cambridge-Quincy, MA-NH 154 148,256   < $250 million 74 (41.1% )
Providence-New Bedford-Fall River, RI-MA 39 32,900   $250 million to $1 billion 80 (44.4% )
Springfield, MA 24 11,482   $1 billion to $10 billion 24 (13.3% )
Worcester, MA 40 9,731   > $10 billion 2 (1.1% )
Barnstable Town, MA 14 5,490  
           
 
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